Thursday, September 23, 2010

09/23/10 Update

Price action touched the red resistance line bounced back down and closed below the blue neckline drawn for the inverted HS. The only issue is that the candled formed has gravestone doji/long legged doji characteristics that are bullish reversals.
The VIX cleared the 20MA and closed above. I would not expect it to move below again for awhile. BUT it did form a dragonfly doji which is a bearish reversal for the VIX (bullish) for the market.
I added the thin blue line to show that we are a bit high on the VIX:VXV than we have been on other "failures" to launch.
More divergence from the BPSPX:CPC. It moved up slightly today. The BPSPX was actually unchanged but there was an increase in Call buying compared to yesterday.
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